Odaily星球日报讯 美联储主席鲍威尔发言表示，美联储可以通过政策调整维持劳动市场的强劲。劳动力市场并不是通胀压力的来源；指标显示当前劳动力市场的紧张程度低于疫情爆发前的水平；通胀已显著缓解，但仍高于我们的目标；失业率有所上升，但仍然处于低位；长期通胀预期似乎保持稳定。（金十）

美联储主席鲍威尔：美联储可以通过政策调整维持劳动市场的强劲

Odaily Odaily reported that Federal Reserve Chairman Powell said that the Fed can maintain a strong labor market through policy adjustments. The labor market is not the source of inflationary pressure; indicators show that the current labor market is less tight than before the outbreak; inflation has eased significantly, but is still above our target; the unemployment rate has risen, but is still low; long-term inflation expectations seem to remain stable. (Jinshi)

Fed Chairman Powell: Fed can maintain strong labor market through policy adjustments

Odaily Planet Daily Report: Oksana Aronov, Head of Alternative Fixed Income Market Strategy at an asset management firm, said in an interview with CNBC on Tuesday that interest rates are not as restrictive as the Federal Reserve expects... The market has become accustomed to a low-interest rate environment, "This (the market's call for rate cuts) is the impact of the extraordinary unconventional monetary policy of the past 15 years on the market." Aronov said the U.S. unemployment rate is at a historic low, and the market is no longer accustomed to a normal interest rate environment. The current 4.3% unemployment rate is "completely within" the Federal Reserve's 5% target, and any recent weakness is just a return to normal after years of a very tight labor market... We have not really seen widespread weakness. Retail sales and earnings of retailers like Walmart (WMT.N) are strong, indicating robust consumer spending. Aronov said the economy is still steadily growing, and there is no need to "sound the alarm."

JPMorgan strategist: U.S. economy is strong, Fed doesn't need to cut rates

The Federal Reserve's decision to cut interest rates by 50 basis points was supported by officials' changing views on the economic outlook. Federal Reserve officials currently expect the unemployment rate to remain at 4.4% by the end of 2024, compared to their previous forecast of 4% in June. In the view of Federal Reserve officials, inflation has also slowed somewhat compared to June. They expect the 12-month PCE inflation rate to be 2.3%, compared to 2.6% in the previous dot plot. This change in perspective indicates that the Federal Reserve is increasingly focused on the employment aspect of its dual mandate.

Fed's dual mandate focuses more on employment

According to Odaily, many Wall Street analysts still expect the Federal Reserve's first step in cutting interest rates to be more cautious. "I hope they will cut rates by 50 basis points, but I suspect they will cut rates by 25 basis points," said Mark Zandi, chief economist at Moody's Analytics. "They have completed the task of full employment and inflation returning to target, and the federal funds rate of around 5.5% is too high. Therefore, I think they need to quickly normalize interest rates and have a lot of room to do so." Jeffrey US economist Tom Simons said: "Although the tightening policy seems to be effective, it has not worked as they imagined, so the easing policy should also be seen as equally uncertain." "So if you're not sure, you shouldn't be in a hurry," said former Dallas Fed President Kaplan. "I guess they have different opinions." "From a risk management perspective, there are still some members who just want to be more cautious," said Seema Shah, an analyst at Principal Asset Management. For the Federal Reserve, it ultimately comes down to deciding which risk is greater - if they cut rates by 50 basis points, it will reignite inflationary pressures, and if they only cut rates by 25 basis points, it may lead to an economic recession. Because of the criticism of being too slow to respond to the inflation crisis, the Federal Reserve may take a passive response to the risk of an economic recession rather than an active one.